Litecoin price prediction: Bears eye 73.00 amid descending triangle, bearish RSI
- Litecoin fails to sustain at higher levels once again on Saturday.
- Trapped between 100 and 200-HMA, with bias leaning to the downside.
The fifth most widely traded cryptocurrency, Litecoin, remains on the back foot so far this Saturday, reversing the overnight uptick above 75.50 levels. The bears continue to guard the topside, as the coin loses over 1% over the last 24 hours. Despite the declines, Litecoin enjoys a market capitalization of $ 4.73B, or 1.75% of the total cryptocurrency market cap.
LTC/USD 1-hour chart
From a technical perspective, sellers take back control amid a descending triangle formation spotted on hourly sticks. The downside looks more compelling as it is a bearish continuation pattern. Therefore, a test of the horizontal trend support near 73.00 is on the cards. A breach of the last would confirm a descending triangle breakdown and expose the next support of the upward sloping 200-Hourly Simple Moving Average (HMA) located at 73.60. Further, the hourly Relative Strength Index (RSI) has pierced through the 50 level from above and entered the negative territory, suggesting an extension of the latest leg down.
On the flip side, the immediate resistance is seen at the 100-HMA, now placed at 75.25. The bulls are likely to run into stiff resistances stacked up near 75.50 - the confluence of the descending trendline and the previous hourly tops, should it manage to regain the 100-HMA.
LTC/USD Levels to watch
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
